External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our "BUY" stance on Lucky Cement (LUCK) with a revised June 2025 Sum of the Parts (SOTP) based Target Price (TP) of Rs1,561/share, offering a potential upside of 73% (total return: 77%).</li><li>LUCK is our preferred pick due to; (1) Cement: Superior cement margins and profitability because of efficiency and timely expansion of a new cement plant, (2) Autos: Reduction in policy rate and likely launch of new model/variant to drive auto/mobile sales, (3) LCI: Soda Ash Expansion and multiple favorable stories in Pharma sector i.e. deregulation of non essential, Pfizer acquisition, (4) Coal Power Plant: Improving recoveries in coal power plant, (5) Foreign Operations: Strong margins and profitability of foreign cement operations due to change in fuel mix and expansion announcement in Iraq, and (6) Strong Cash Generation: Strong annual cash flows due to exceptional EBITDA margins from cement business and dividends from subsidiaries/associates.</li><li>We estimate a consolidated EPS forecast of Rs260.8 and Rs294.2 for FY25F and FY26F, respectively. We expect 3-Year (FY24-26) earning CAGR of 21% on a consolidated basis.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We reiterate our "BUY" stance on Lucky Cement (LUCK) with a revised June 2025 Sum of the Parts (SOTP) based Target Price (TP) of Rs1,561/share, offering a potential upside of 73% (total return: 77%).LUCK is our preferred pick due to; (1) Cement: Superior cement margins and profitability because of efficiency and timely expansion of a new cement plant, (2) Autos: Reduction in policy rate and likely launch of new model/variant to drive auto/mobile sales, (3) LCI: Soda Ash Expansion and multiple favorable stories in Pharma sector i.e. deregulation of non essential, Pfizer acquisition, (4) Coal Power Plant: Improving recoveries in coal power plant, (5) Foreign Operations: Strong margins and profitability of foreign cement operations due to change in fuel mix and expansion announcement in Iraq, and (6) Strong Cash Generation: Strong annual cash flows due to exceptional EBITDA margins from cement business and dividends from subsidiaries/associates.We estimate a consolidated EPS forecast of Rs260.8 and Rs294.2 for FY25F and FY26F, respectively. We expect 3-Year (FY24-26) earning CAGR of 21% on a consolidated basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lucky Cement (LUCK): Growth through business diversification; Reiterate Buy!